Ciena Co. (NYSE:CIEN) SVP David M. Rothenstein Sells 2,500 Shares

Ciena Co. (NYSE:CIEN) SVP David M. Rothenstein sold 2,500 shares of the company’s stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $79.93, for a total value of $199,825.00. Following the sale, the senior vice president now owns 202,370 shares of the company’s stock, valued at approximately $16,175,434.10. This represents a 1.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Ciena Price Performance

Ciena stock opened at $81.22 on Monday. The stock’s 50 day moving average is $65.40 and its 200 day moving average is $74.70. The company has a debt-to-equity ratio of 0.54, a current ratio of 3.55 and a quick ratio of 2.72. The firm has a market cap of $11.54 billion, a P/E ratio of 142.49, a P/E/G ratio of 1.54 and a beta of 1.11. Ciena Co. has a one year low of $44.69 and a one year high of $101.44.

Hedge Funds Weigh In On Ciena

A number of hedge funds and other institutional investors have recently made changes to their positions in CIEN. Price T Rowe Associates Inc. MD lifted its stake in shares of Ciena by 195.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,626,153 shares of the communications equipment provider’s stock worth $392,345,000 after acquiring an additional 3,062,883 shares during the period. Nuveen LLC acquired a new position in Ciena in the first quarter valued at approximately $70,065,000. Polar Capital Holdings Plc lifted its stake in Ciena by 113.7% in the fourth quarter. Polar Capital Holdings Plc now owns 2,169,406 shares of the communications equipment provider’s stock valued at $183,987,000 after buying an additional 1,154,260 shares during the period. Marshall Wace LLP lifted its stake in Ciena by 4,215.9% in the fourth quarter. Marshall Wace LLP now owns 899,828 shares of the communications equipment provider’s stock valued at $76,314,000 after buying an additional 878,979 shares during the period. Finally, Woodline Partners LP acquired a new position in shares of Ciena during the first quarter worth approximately $49,221,000. 91.99% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Needham & Company LLC dropped their price objective on Ciena from $95.00 to $90.00 and set a “buy” rating for the company in a research report on Wednesday, March 12th. Northland Capmk upgraded Ciena from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 12th. Barclays set a $100.00 price objective on Ciena and gave the stock an “overweight” rating in a research report on Wednesday, March 12th. JPMorgan Chase & Co. dropped their target price on Ciena from $88.00 to $76.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Finally, Northland Securities upgraded Ciena from a “market perform” rating to an “outperform” rating and increased their target price for the company from $60.00 to $75.00 in a research report on Wednesday, March 12th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $77.62.

Ciena Company Profile

Ciena Corporation provides hardware and software services for delivery of video, data, and voice traffic metro, aggregation, and access communications network worldwide. The company’s Networking Platforms segment offers convergence of coherent optical transport, open optical networking, optical transport network switching, IP routing, and switching services.